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Обработка изделий медицинского назначения многократного применения
Изменения в неживой природе осенью
Уборка процедурного кабинета
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Балочные системы. Определение реакций опор и моментов защемления
Rent Tax on the Export of Crude Oil
The most fundamental change introduced by the recent amendments is the
creation of a completely new tax which applies to exports of crude oil. The tax will apply to taxpayers who export crude oil, apart from those who are parties to PSAs. It is not clear whether the tax will apply to an oil trader who purchases crude from the producer in Kazakhstan and then exports it.
Reflecting government concerns about transfer pricing, the tax base is not the actual sale price of the exported crude, but a formula which applies an average price for a basket of widely-traded benchmark oil prices, to the volume of oil sold. There is provision to adjust this deemed price for quality differentials as a result of mixing the oil in pipelines, though it is not completely clear how this is to operate. The components of the basket will be fixed by the Government. Transportation costs should be deducted to arrive at the base for calculating the tax. Which transportation costs is not explained, nor is it indicated whether these are only the costs incurred by the producer or whether one can take into account the costs of shipping crude to a location comparable with one where the benchmark crudes are traded.
In the rather likely event that the deemed price is not a round number of dollars per barrel, the legislation is silent on how the resulting fraction will impact the rate, e.g., if the deemed price is $25.57 per barrel, then should the rate be 16 percent or 17 percent or somewhere between the two?
The tax period is to be a calendar month, and the taxpayer will be required to
pay tax for a particular month by the 10th day of the month following. A tax declaration will be due by the 15th of the following month. Like all turnover taxes, the rate of rent tax has no relationship to profitability, and will, therefore, tend to depress the economic viability of projects in the hostile conditions of the North Caspian.
Words and expressions
Exercise 6. Answer the questions
1. Who is likely to be interested in this information?
2. Are alterations in tax regime favourable for foreign oil and gas companies?
3. Is everything clear and well thought over in the new oil tax regime?
4. Write out the names of taxes which should be paid by “subsurface users” according to Model I. Are the same taxes paid according to Model II? What is different?
5. Find those parts of the text where the author says about some uncertainties in the new tax application. Comment on them.
6. Find the conclusion the author made on the economic viability of projects in Kazakhstan. Do you agree with it?
Exercise 7. Quick Reading
Look through the text and be ready to answer some questions.
1. Does the first sentence of the text have the same meaning as the title?
2. What problem is discussed?
3. Is it a local or a global issue?
4. What kinds of fiscal systems are mentioned in the text?
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